KAVA price spikes as USDT prepares to launch on Kava blockchain
At press time, KAVA was trading at $0.9214, up 13.27% over the last 24 hours.
The first Kava-based USDT will be released on July 3, 2023.
Since Kava is built on Cosmos, the move will also make USDT liquidity to be available to Cosmos users.
USDT stablecoin is scheduled to go live on the Kava blockchain in the coming month. This will make Kava the next blockchain supported by Tether Limited, the company that issues the biggest stablecoin USDT, according to an official announcement made by the company.
Tether USDt comes to the #Cosmos ecosystem! We have chosen to deploy USDt on @KAVA_CHAIN, the gateway to the Cosmos ecosystem. USDt on KAVA is launching on July 3rd.
Read more https://t.co/myCkHhHHud pic.twitter.com/YQFgO5381m
— Tether (@Tether_to) June 21, 2023
The new release will allow the community of Cosmos (ATOM), a cutting-edge cross-chain ecosystem, to access USDT liquidity. Kava, Cosmos’ flagship network, recently underwent a significant upgrade.
Kava and Tether collaboration
Following the development, the Kava (KAVA) team emphasized that it combines the most impressive features of the Ethereum Virtual Machine (EVM) with Cosmos SDK’s speed, low transaction fees, and interoperability. Kava released the Kava 13 upgrade to increase throughput and speed.
The new release has Paolo Ardoino, CTO at Tether, excited and he believes it will be crucial to USDT’s development and adoption of different liquidity solutions. Paolo said:
“We’re thrilled to be launching USD₮ on Kava, offering its strong community access to the world’s first, most stable, most trusted, and most widely used stablecoin. The Kava network is a unique and widely followed blockchain with a robust track record of four years with zero security issues, which is essential to protecting USD₮ users. Together, we aim to reshape the future of decentralized finance, fostering a robust and inclusive ecosystem that benefits users worldwide.”
Besides Kava, USDT has been launched on several other blockchains including Ethereum, Solana, Algorand, Tron, Eos, Near Protocol, and Avalanche blockchains as well as on Omni solutions and Liquid Network.
